INCM vs. FRIAX

Last updated Aug 4, 2026

INCM (Franklin Income Focus ETF) and FRIAX (Franklin Income Fund Advisor Class) are both Diversified Portfolio funds from Franklin Templeton. Over the past 3 years, INCM returned 11.04%/yr vs 9.69%/yr for FRIAX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. INCM charges 0.38%/yr vs 0.46%/yr for FRIAX.

Performance

INCM vs. FRIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Focus ETF (INCM) and Franklin Income Fund Advisor Class (FRIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INCM achieves a 7.65% return, which is significantly higher than FRIAX's 5.78% return.

INCM

• 1D: 0.41%
• 1M: 0.81%
• 6M: 3.80%
• YTD: 7.65%
• 1Y: 14.02%
• 3Y*: 11.04%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.62%

FRIAX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 2.72%
• YTD: 5.78%
• 1Y: 12.15%
• 3Y*: 9.69%
• 5Y*: 6.50%
• 10Y*: 7.34%
• ALL TIME*: 7.31%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRIAX Franklin Income Fund Advisor Class	$0.00	$0.00	$0.00
INCM Franklin Income Focus ETF	$11.73M	$12.25M	$11.49M

INCM vs. FRIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INCM Franklin Income Focus ETF	7.65%	13.07%	6.80%	5.76%
FRIAX Franklin Income Fund Advisor Class	5.78%	12.02%	7.29%	5.76%

Correlation

The correlation between INCM and FRIAX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since Jun 8, 2023	0.72

The correlation between INCM and FRIAX has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

INCM vs. FRIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INCM

INCM Risk / Return Rank: 93
INCM Sharpe Ratio Rank: 93
INCM Sortino Ratio Rank: 93
INCM Omega Ratio Rank: 93
INCM Calmar Ratio Rank: 92
INCM Martin Ratio Rank: 93

FRIAX

FRIAX Risk / Return Rank: 94
FRIAX Sharpe Ratio Rank: 93
FRIAX Sortino Ratio Rank: 94
FRIAX Omega Ratio Rank: 94
FRIAX Calmar Ratio Rank: 94
FRIAX Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INCM vs. FRIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Focus ETF (INCM) and Franklin Income Fund Advisor Class (FRIAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	INCM	FRIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.46	+0.11
Sortino ratio: Return per unit of downside risk	3.64	3.77	-0.13
Omega ratio: Gain probability vs. loss probability	1.48	1.55	-0.07
Calmar ratio: Return relative to maximum drawdown	4.41	4.00	+0.41
Martin ratio: Return relative to average drawdown	17.73	15.16	+2.56

INCM vs. FRIAX - Sharpe Ratio Comparison

The current INCM Sharpe Ratio is 2.57, which is comparable to the FRIAX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of INCM and FRIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INCM vs. FRIAX - Drawdown Comparison

The maximum INCM drawdown since its inception was -7.84%, smaller than the maximum FRIAX drawdown of -43.23%. Use the drawdown chart below to compare losses from any high point for INCM and FRIAX.

Drawdown Indicators

	INCM	FRIAX	Difference
Max Drawdown Largest peak-to-trough decline	-7.84%	-43.23%	+35.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-3.06%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-7.84%	-7.08%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.63%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.10%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.07%	-3.90%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.81%	-0.02%

Volatility

INCM vs. FRIAX - Volatility Comparison

Franklin Income Focus ETF (INCM) and Franklin Income Fund Advisor Class (FRIAX) have volatilities of 1.48% and 1.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INCM	FRIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.51%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	4.36%	3.72%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	5.50%	5.00%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	7.90%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.21%	9.20%	-1.99%

INCM vs. FRIAX - Expense Ratio Comparison

INCM has a 0.38% expense ratio, which is lower than FRIAX's 0.46% expense ratio.

Dividends

INCM vs. FRIAX - Dividend Comparison

INCM's dividend yield for the trailing twelve months is around 5.18%, less than FRIAX's 5.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIAX Franklin Income Fund Advisor Class	5.28%	5.75%	5.74%	5.67%	5.24%	6.70%	5.37%	5.25%	5.80%	5.20%	4.92%	5.93%
INCM Franklin Income Focus ETF	5.18%	4.96%	5.06%	3.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INCM and FRIAX in my portfolio?

INCM and FRIAX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INCM or FRIAX?

FRIAX has higher volatility (1.51%) compared to INCM (1.48%). In terms of maximum drawdown, INCM dropped -7.84% vs FRIAX's -43.23%.

Which has better risk-adjusted returns?

INCM currently has the higher Sharpe Ratio (2.57 vs 2.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.